Archive for the Economy Category

Kirk Franklin: I Smile

RacquetballGuy introduced me to Kirk Franklin’s song: I Smile. It’s such a wonderful reminder that despite our current adversities — no matter what they may be — we have much to be thankful for and so shouldn’t stop smiling!

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Currency Conversion

BestGuyFriend and his lovely wife are using a credit card with no fees to pay for almost everything during their European trip. Heck, during their visit in London, they didn’t exchange any US Dollars for British Pounds. As not only do you get charged when you exchange but if you are unfortunately left with money before you depart and decide to change back to original currency, you get charged again. Thus, you are losing out twice. So can’t say I really blame them — particularly as the British Pound is but one of five currencies they will encounter during the […]

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Banking Reform

Earlier this week the Independent Commission on Banking Reform released its final report. In it are reforms that the bankers are claiming would cost the industry over £7billion a year. Interestingly, most of the recommendations wouldn’t be implemented until 2019. Why so long is beyond baffling considering the sector is an octopus and continues to have the potential to bring the economy to its knees. Delaying the reform is also particularly worrying when you consider that they are unable to put in place policies and procedures to stop reckless activity. Case in point, we hear today of another rouge trader: […]

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How many more Black & Blue Mondays?

If you’ve been reading my blog for some time, you’ll know that I’ve been banging on about moral hazard as it relates to governments bailing out banks. However, after events these past 10 days (most of which were spent in Canada), I am not so sure anymore. Meaning, I have had a slight change of heart because the market has become completely irrational and the actions by various governments across the globe has not helped the situation. Despite billions being pumped into the market to increase liquidity, confidence remains extremely low and banks are still not lending to each other. […]

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Roll Call

When a sitting President cannot rally more than 33% of his own party members to vote in favor of a bill — after going on national television and saying the sky will fall if said legislation doesn’t get passed — he truly is a sitting duck. Furthermore, failure to get this bill passed after intense lobbying speaks volumes about the President’s inability to lead during this financial crisis.

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